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Updated almost 5 years ago,
Primary residence to Rental?
I am in the middle of a cash out refinance. My current(primary) home in LA is being rented out and has been since the start of the year.
In the application I turned in I still wrote it down as a primary residence even though its a rental property with two tenants. My plan is to get them both rent insurance and Non owner occupied insurance.
I am planning on cashing out and using the profit to buy a home in the valley with my girlfriend. I would most likely need to be on the mortgage as she probably wont qualify for the loan on her own. - Its a solid relationship where we are planning on a wedding in the near future.
I'm also planning on purchasing SFH property out of state as a buy, rent and hold.
Question:
Is it ok if i continue with the refinance and leave the home as a primary BUT still be able to claim it as rental property and get tax deductions?
Should i get an LLC for the rental property and would this be added tax deductions?
How would i go about purchasing a home with my girlfriend in regards to title, name on mortgage.
What would be the implications of me being on a second mortgage and my ability to qualify for other mortgage loans for buying out of state property?